AmBank Islamic, IIUM launch credit card

KUALA LUMPUR: AmBank Islamic Bhd and International Islamic University of Malaysia (IIUM)  officially launched the AmBank Islamic - IIUM credit card on Wednesday.

This is the first credit card launched in collaboration with a higher learning institution in Malaysia. The credit card is for students, staff and the alumni of the university.

AmBank Islamic and IIUM have also teamed up with JomPAY to provide added convenience, accessibility, and flexibility to the public and corporate sector to make contributions to the IIUM Endowment Fund (IEF).

JomPAY electronic payment enables payments via Internet banking, mobile banking, and ATMs of Malaysian banks.

“With this collaboration with IIUM and JomPAY, we are pleased to embark on another initiative to offer more products to our customers whilst concurrently help to raise funds for the IEF, which will be used to assist needy IIUM students in their studies,” said AmBank Group group CEO Datuk Sulaiman Mohd Tahir.

IEF is responsible for providing financial support for IIUM students who are academically excellent but face financial difficulties.

In 2016, IEF disbursed RM10.5mil in the form of scholarships and financial assistance to 4,323 recipients.

IIUM targets to have 5,000 credit card sign-ups within a year, which will provide an income generation and contribute a continuous revenue stream to IEF over the years as long as the card holder used the card for their spending.

Cardholders also have the option to covert their AmBonus points as cash contribution for IEF.